Authored by Sara Weathers
According to Insurance Journal, a new study from insurer Hiscox has shown that cyber attacks against U.S. businesses are happening more often and costing more money than in previous years.
The study showed that 47% of all US businesses have experienced a cyber attack in the past year and the number of businesses reporting these attacks have jumped by 7%. They have also been more costly as the average cost to recover from a cyber attack has risen from $10,000 to $18,000.
The study also showed that only 34% of US businesses have a standalone cyber insurance policy. If your business is a part of the 66% that does not have a cyber insurance policy, now is the time to consider getting one. Having a plan in case an attack does happen is one of the best things to do to ensure minimal amounts of damage to your business and your brand.
Have questions about cyber insurance? AdvoCap Insurance and our team is here to help!